Dogecoin Price Jumps Following Musk’s X Platform Updates – Will Payments Be Next?
Dogecoin Price Surge – Dogecoin is experiencing a notable surge in value this Friday, reaching its highest price in over a week, driven by speculation surrounding Elon Musk and his potential plans to introduce payments to his revamped X social media platform—formerly known as Twitter. The price of Dogecoin has increased by 4% in the last 24 hours, reaching $0.40 and briefly crossing the $0.41 mark earlier in the day, marking its highest price since the beginning of the week.
Elon Musk’s Mysterious Dollar Sign and X Payments Speculation
The recent spike in Dogecoin prices comes in the wake of Elon Musk’s cryptic social media post on Friday morning. Musk shared a screenshot of Joe Rogan’s X profile, where a dollar sign symbol appeared next to the podcaster’s profile picture. This seemingly small detail has sparked rumors that Musk is planning to introduce a new X Payments feature on the platform, which could be used for money transfers between users.
One X user, Nima Owji, a self-described independent app researcher, speculated that the new “$” button might be part of X Payments, potentially allowing users to send money to one another. When asked about the speculation, Musk responded with a simple “True,” further fueling the theory.
Dogecoin’s Price Surge Following Musk’s Comment and X Payment News
Following Musk’s post, Dogecoin’s price surged by 4%, hitting $0.40, and briefly reaching $0.41. This marks its highest value in over a week. The price increase is part of a larger rally that has seen Dogecoin rise by 87% over the past week alone. The cryptocurrency has been benefiting from Musk’s commentary on the coin, as well as his ongoing efforts to integrate Dogecoin into the X platform. In the past 30 days, Dogecoin has surged by a staggering 189%, reaching a three-year high of approximately $0.43 last week.
Musk’s Influence on Dogecoin and X Platform
The recent surge in Dogecoin is not a coincidence. Musk, who has long been a vocal advocate for Dogecoin, has been instrumental in driving its price movements. The cryptocurrency, originally created as a joke in 2013 by engineers as a tribute to the popular “doge meme”, caught the attention of Musk when he began promoting it on Twitter (now X) starting in 2020. Musk’s tweets, often featuring memes about the coin, ignited a massive following, and Dogecoin saw a meteoric rise in value.
In 2021, Dogecoin reached an all-time high of $0.73, but it quickly dropped following the market-wide correction. However, with Musk’s involvement, Dogecoin is seeing a revival. As Musk continues to talk about his affection for the coin and plans to integrate it into X, its price has begun to climb again.
Dogecoin and X Payments: What’s Next for the Coin?
Musk’s $0.73 peak in 2021 may seem like a distant memory, but with his recent statements and plans for X Payments, Dogecoin could be on the cusp of another breakout. While the X platform has yet to officially announce the new payment feature, the speculations surrounding Musk’s leadership and his push to incorporate Dogecoin into the ecosystem are certainly adding fuel to the fire.
Before Musk’s acquisition of Twitter (now X) in 2022, he had hinted at integrating Dogecoin as a payment option for buying premium subscriptions and other services on the platform. Though the official launch of X Payments is still in the works, documents earlier this year revealed that crypto payments weren’t part of the initial rollout, despite Musk’s earlier enthusiasm.
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